Vic in the fast lane

THE Victorian Government has shifted into top gear in its pursuit of tourism-generating sporting events, extending its right to host the Formula 1 Australian Grand Prix in Melbourne until 2035.

The deal will see the city add a further 10 years to its existing contract, which is due to expire in 2025, representing the longest extension since the motor racing event was shifted to the state from South Australia in 1996.

A recent economic impact report compiled by EY estimated the 2022 event generated $92 million of direct spending in the economy and boosted gross state product by $171 million.

The event was broadcast to around three million Australians and millions more internationally, exposure the state government said was crucial to generating strong tourism interest.